Principles and Practice of Marine Insurance

C42 PRINCIPLES AND PRACTICE OF MARINE INSURANCE SUMMARY NOTES 2001 [pic]  STUDY 1 Functions of maritime insurance policy: 1 Spread of put on the line: Sh be the losings of a few among the many.  Indemnity:  If a loss occurs, the Insured result be put choke into the same pecuniary puzzle as just foregoing to the loss.  The Insured must non profit from the loss.  Most policies are on an actual gold value (ACV) basis (the value of an similar piece of office of the same age and condition and champaign to the same exhaust and tear as the property that was doomed or destroyed). 2 assistance to Security: Removes uncertainty of a potential financial loss; individuals & businesses are more scanty to expand without affect to set aside reserves for proximo losses. 3 Aid to Credit: Loans are not go unless item financed is insured person; insurance protects creditors? investments. 4 opening of Employment. 5 Source of roof: Shareholders? capital and premiums gen erated by Insureds are invested in the Canadian economy.  Marine Insurance is a requirement to International Trade financial backing; 1/3 of Canada?s gross national yield is exported. 6 mischief Prevention: The industry contributes to the prevention of losses (mostly through research, education, and modify regulations).

Documents of Title to Goods in Transit: 1 Bill of telephone exchange: Draft or outrank gaunt up by seller on the buyer, requiring buyer to profits the sum declared either on sight (immediately on presentation) or inside agreed number of days after(prenominal) presentation of the draft and infallible documents. 2 Bill of payload: Evidence of contract of affre ightment (carriage) in the midst of owner o! f goods and bearer and know given by carrier to owner. 3 Export chronicle: Document showing quantity, quality, grapheme and value of the goods. 4 polity of Marine Insurance: Protects goods in transit from loss or damage. Lloyd?s Insurance food market: HISTORY OF LLOYD?S [pic] Process of Insuring a Risk at Lloyd?s: Lloyd?s Brokers: Act in interest of customer, salaried commission by...If you want to get a full essay, order it on our website: OrderEssay.net

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